The acclaimed altcoin SEI, known for rewarding its investors with substantial gains, recently hit a new high of $1.03 on December 18, 2023. However, following this milestone, the digital currency has shown signs of a downward trend, fluctuating in value. A notable 18% decline is currently projected for SEI as per the latest market analysis.
SEI’s Rally Hits a Roadblock
SEI, an altcoin that has recently seen an astounding 345% surge, now faces the possibility of a downward trajectory. After its peak, the coin’s value retracted to $0.56, and despite a rebound to $0.94, it failed to maintain these highs, resulting in a 10% drop below the $0.88 mark.
If the $0.88 resistance level becomes a support, it might counter the bearish trend, setting the stage for SEI to reclaim higher prices. Nonetheless, achieving a firm consolidation at the $0.88 threshold is imperative for this shift to occur.
Potential Decline Targets for SEI
Current technical analysis highlights a bearish trajectory for SEI, with a potential 20% value reduction. Conversely, a surge in Bitcoin’s value could disrupt this pattern and trigger a positive price correction for SEI. Solidifying support at the $0.88 level is crucial for averting a bearish outcome and fostering a price increase.
To summarize, while SEI is likely to continue its descent, Bitcoin’s performance could alter the landscape. Investors are advised to watch how SEI interacts with the pivotal $0.88 resistance. Should SEI fall by 18%, the price may slump to around $0.70. Presently, SEI is trading at $0.86, just below the critical resistance level.